Today, Weiss announced he was upgrading Chesapeake's stock from "sell" to "hold" after a dramatic 7.6 percent share purchase by Carl Icahn and the company's subsequent announcement that it would toss out four board members.

"In informal conversations about the topic with executives at other companies we cover, most thought that it would be difficult to find someone willing to step into CHK's shoes," he wrote.

"The company has 10 volumetric production payments (VPPs), seven joint ventures, a royalty trust, a midstream business that is partly public, a services business it hopes to partially sell to the public, preferred stock, and considerable leverage both on and off balance sheet.

"As we have stated in the past, we also have concerns about the opaqueness of the company's accounting. We think potential acquirers will be much more interested in assets than in the company as a whole."

The company is also in the throes of fighting off collapsing commodity prices. As a result, Weiss also lowered his EPS forecast for the company.

"We are lowering our 2012 EPS forecast from $0.75 to $0.45 and our 2013 estimate from $1.85 to $1.50. Both estimates remain below the current consensus. The primary driver of our weaker outlook is a downward revision in our commodity price view - oil prices fell about 20% in May and the macro environment remains uncertain at best."

Finally, Weiss remains concerned that the company's financial position is still not fully known...and as a result, calls for CEO Aubrey McClendon's head.

"When we consider the full financial picture at Chesapeake, including its high debt levels (both on- and off-balance-sheet), its use of financial engineering, the relatively low quality of its financial data, the questionable nature of some of the CEO's transactions with the company, and the apparent unwillingness of the board to put a stop to at least some of these practices, we continue to believe the best thing for investors would be to replace the board and/or the CEO."